Nvidia replaces Microsoft to become world's most valuable company; check top 10 list

Artificial intelligence (AI) giant Nvidia has become the world's most valuable company, dethroning Microsoft.

The company's total market capitalisation stands at $3.335 trillion after a 3.51% increase in its share price to ₹135.58 apiece. It is followed by Microsoft ($3.317 trillion).

List of top 10 most valuable US companies

Nvidia's stock has gained nearly 182% in 2024 and has surged 5,91,078% since its stock market debut in 1999. The Jensen Huang-led firm controls about 80% of the AI chips market used in data centres to run AI models like OpenAI's ChatGPT.

On Tuesday, NVIDIA founder and CEO Jensen Huang said that the electric grid and utilities will play a crucial role in the next industrial revolution, which will be driven by AI and accelerated computing.

"The future of digital intelligence is quite bright, and so the future of the energy sector is bright, too," said Huang.

Similar to other sectors, utilities will apply artificial intelligence to increase employee productivity but "the greatest impact and return is in applying AI in the delivery of energy over the grid," Nvidia CEO said.

For example, Huang explained how grids would use AI-powered smart metres to allow customers to sell their excess electricity to neighbours. "You will connect resources and users, just like Google, so your power grid becomes a smart network with a digital layer like an app store for energy," he said.